Crypto exchange Gemini has launched an interest-earning program called Gemini Earn for customers in the U.S. Gemini Earn will support upto 26 cryptocurrency assets including DeFi coins such as Uniswap and Aave. The program will be initially available for selected Gemini customers. Its full-scale roll-out is scheduled for early February 2021.
The annual percentage yield (APY) for the Gemini Earn program will vary with the type of cryptocurrency. The highest yield will only be available for Filecoin at 7.4%. For the rest of the supported cryptocurrencies, the interest rate will vary from 1.54% to 5.83%.
In the announcement release, Tyler Winklevoss, CEO of Gemini, said:
"Today's investors know that a smart, diverse portfolio includes crypto — it's an investment in their future selves. We designed a program that allows our customers the ability to generate a real return on their crypto holdings without having to sell one of the best performing asset classes of the decade."
Noah Perlman, chief operating officer at Gemini, said:
There will be no minimum balance required to get started on the Gemini Earn program. Besides, there will also be no fees required to transfer or redeem from the program. Users can redeem their cryptocurrency holdings at any time.
The launch of Gemini Earn comes just shortly after the exchange announced the launch of Gemini Credit Card, where users are rewarded with cryptocurrencies for their purchases. Both offerings intend to mainstream and normalize the use of cryptocurrency through traditional financial products such as interest-earning platforms and credit cards.